Maxeon Solar Plunges 53% on ‘Going Concern’ Warning
- TCL Zhonghuan to be controlling shareholding after investment
- US rooftop solar industry has struggled with falling prices
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Shares of Maxeon Solar Technologies Ltd. plunged after the manufacturer issued a “going concern” warning and said it will receive almost $200 million in investments from its top shareholder.
Maxeon’s troubles come as segments of the US solar industry have struggled amid high interest rates, overseas competition and changed California residential incentives that have hobbled installations.